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Mar 18, 2013
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wealthy russians and ukrainians who deposited much 06 their wealth here in cypress because of lax banking laws and there's been widespread allegations that these russians and ukrainians have used these accounts to launder some of their money and that is exactly why germany wanted depositors to take losses in this bailout. >> thank you so much. we'll have plenty more as we continue to follow this story. let's get straight to mark oswald who joins us around the table. mark, from an investor point of view, because there are a lot of different angles to this, how do you expect markets to react? what do people make of this today? >> i thought the initial reaction was quite appropriate when we marked spain and italy down in bond terms and buyback two points or about 20 basis points on. but pretty much on the all, there were buyers in there, which surprises me. it suggests within the marketplace and we've seen it within the rally of the euro, there is a degree of complacency that cyprus isn't really that important. this is a very specific issue and it's not going to unpick what mr. draghi has achieve
wealthy russians and ukrainians who deposited much 06 their wealth here in cypress because of lax banking laws and there's been widespread allegations that these russians and ukrainians have used these accounts to launder some of their money and that is exactly why germany wanted depositors to take losses in this bailout. >> thank you so much. we'll have plenty more as we continue to follow this story. let's get straight to mark oswald who joins us around the table. mark, from an investor...
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Mar 18, 2013
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it actually questions an eu law. i was trying to focus on this. despite how they seem to go out of their way to keep the euro alive, slowly there are more and more decisions being made that are stopping cross border flows of capital and across the whole of the eurozone. this is not a good idea after all, in my opinion. >> how do you put the jeanie back in the bottle if you're the eu or the imf? just having done what's happened, having said it allowed, enough to shake people up, how quickly do we see the real ramifications? we're seeing a little bit in the markets today, but as we were discussing earlier, in this case, it's not clear that the run happens literally this morning, but if you're a business or an institutional investor over the next month or two, you might say to yourself, let's start re-evaluating what we're doing here. >> exactly. i have a small investment in a greek insurance business online. and they have a bit of that cash in a cypriot bank. a lot of legitimate business people will say will will it take that request again? people w
it actually questions an eu law. i was trying to focus on this. despite how they seem to go out of their way to keep the euro alive, slowly there are more and more decisions being made that are stopping cross border flows of capital and across the whole of the eurozone. this is not a good idea after all, in my opinion. >> how do you put the jeanie back in the bottle if you're the eu or the imf? just having done what's happened, having said it allowed, enough to shake people up, how...
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Mar 18, 2013
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it's breaking the law and crossing the rubicon of something never done before. how do we know depositors won't keep pulling their money out of the banks when they finally open? the ecb are forcing another country to give up their freedom. to give up any chance of economic growth to get out of this mess. let's go to former treasury assistant secretary, department and chairman of the americas partner group. charles, thank you for helping us. i wish the circumstances were better. it sounds like confiscation to me. these are deposits that were insured, guaranteed, the government is going to take it. why would the imf and others suggest they do it? what's behind this? >> larry, i think what's behind this is a continued fixation, which you see coming out of the imf and out of brussels and berlin. about trying to realize sustainable levels of debt-to-gdp over a period of time. i appreciate the need to try to get debt on a sustainable level, this is not the way to do it. this is, indeed, confiscation. i'm afraid they have crossed a line here they may regret. deposter in
it's breaking the law and crossing the rubicon of something never done before. how do we know depositors won't keep pulling their money out of the banks when they finally open? the ecb are forcing another country to give up their freedom. to give up any chance of economic growth to get out of this mess. let's go to former treasury assistant secretary, department and chairman of the americas partner group. charles, thank you for helping us. i wish the circumstances were better. it sounds like...
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Mar 22, 2013
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soft mandate followed by a grand coalition with a narrow mandate, including to change the electoral law is the most likely venue. >> how pressing is the need to change electoral law so that if there are fresh elections held, there would be a clear outcome the next time? >> i think it's important. it's important because if they set up in a way in which they stable the larger parties, central right and central left, it will make the outcome of elections more likely to be stable for the next time around. and i think the incentives may be aligned in that respect to play against the pakistan movement. so we think that -- and also it's just needed a 51%. solo it's never easy, we think this time around incentives might be aligned for that change. >> okay. and still italy's market holding up reasonably well ahead of all of this. details on that hopefully out later on today. >>> ahead on the program, oecd's secretary calling for calm over cyprus. do you think the country will leave the eurozone? find outway told cnbc when we come back. impact wool exports from new zealand, textile production in
soft mandate followed by a grand coalition with a narrow mandate, including to change the electoral law is the most likely venue. >> how pressing is the need to change electoral law so that if there are fresh elections held, there would be a clear outcome the next time? >> i think it's important. it's important because if they set up in a way in which they stable the larger parties, central right and central left, it will make the outcome of elections more likely to be stable for...
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Mar 19, 2013
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here, unprecedented and contrary to the insurance laws, and the rule of law concept, they are taking the money from the depositors. what faith will they have now, aside from cyprus, what are the other member states and their deposits have to say? remember, the concept of the eu was to have a unified national union of sorts. in this country, if we had one state or one bank going under, we wouldn't expect all the depositors throughout the united states and every bank to contribute. on the contrary. >> now, i understand that about half of the depositors are russians. which is also interesting. >> well, and that's the backstory. >> give me the backstory. >> my interpretation of the backstory is, if you recall, the troika, sneao to speak, has bee looking for an alleging of laundering money. it's been going on, they've been looking for this and nothing's been found. it's like accusing someone of a crime and expended so much time and energy and not finding it and now they've got to extract some basis of retribution. >> so it's basically like saying, we know you've been money laundering and
here, unprecedented and contrary to the insurance laws, and the rule of law concept, they are taking the money from the depositors. what faith will they have now, aside from cyprus, what are the other member states and their deposits have to say? remember, the concept of the eu was to have a unified national union of sorts. in this country, if we had one state or one bank going under, we wouldn't expect all the depositors throughout the united states and every bank to contribute. on the...
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Mar 25, 2013
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russian people and middle class people that use cyprus because of the rule of law, common law, the double tax treaties we have. it's a mistake to think that it is a very special class, of very rich people. these russians have their lawyers, their accountants, many of them have their families living in cyprus. they have their friends. we have a relationship that can with stand a shock like this. >> bearing that in mind, are the banks going to open on tuesday morning? >> i cannot say that. i cannot say that. it's always a mistake to say something like this when you are not completely sure. there is a lot of work to be done. but they will open very soon. >> and how long do you intend to use the capital controls? >> that also i cannot answer. but, again, our objective to keep them as limited and as short as possible. >> and finally, you bypassed the democratic process of a parliamentary vote with this field. will you consider tendering your resignation when you get back to cyprus? >> no, no, we did not bypass the poll. we passed a number of laws two nights ago. we have kept party leaders ip f
russian people and middle class people that use cyprus because of the rule of law, common law, the double tax treaties we have. it's a mistake to think that it is a very special class, of very rich people. these russians have their lawyers, their accountants, many of them have their families living in cyprus. they have their friends. we have a relationship that can with stand a shock like this. >> bearing that in mind, are the banks going to open on tuesday morning? >> i cannot say...
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Mar 18, 2013
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what we have in cyprus right now is the rule of law being brought into question. can rules about depository insurance change over the course of a weekend? i think the size of cyprus right now, what it represents directly is not a threat. we're assessing. but if this is contained in some broader bailout oriented scheme, i think it could be something weathered by the markets. that said, the rule of law being brought into question is not a good thing. >> steve sacks, are you seeing a reaction in some of the european etfs out there? or are you seeing the same kind of money mentality going into exchange traded funds? what are you seeing out there? >> maria, it's really the same reaction we're seeing in broader equities today. you know, basically an overreaction. you know, we saw higher volumes in volatility spike on the open this morning with that gap lower. we've seen volumes in money flows just sort of steady out throughout the course of the day. obviously a lot of talk this morning on wall street about, you know, what happened over the weekend, you know, with cyprus
what we have in cyprus right now is the rule of law being brought into question. can rules about depository insurance change over the course of a weekend? i think the size of cyprus right now, what it represents directly is not a threat. we're assessing. but if this is contained in some broader bailout oriented scheme, i think it could be something weathered by the markets. that said, the rule of law being brought into question is not a good thing. >> steve sacks, are you seeing a...
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Mar 18, 2013
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. >> they are known for having lax money laundering laws. >> no comparison in the you r eurozone. >> excellent. >> switzerland was in this situation. >> going back to the initial point, greece was a very small country as well. 2% of the gdp of the eurozone and created a big problem which started that and spent the rest of the region. >> the size of the country is not as relevant. >> i'm not saying i not rel vants. that would maybe be the new black swan. >> clearly to the -- >> major backstop, from the ecb, greece created a big problem. now that this backstop, is in place, i think problems have to be bigger in order to be global. >> that's the final word. by the way, it looks like so know evil, speak no evil, and hear no evil, don't you think? >> i don't look like a monkey. >> thank you to all of you. thank you, as well, for joining in on this. >> safe travels, too, michelle. >> see you tomorrow. >> where are you going? >> yeah. >> be careful. >> you're going to be reporting on cnbc live from noon tomorrow? >> we hope to be, yeah. depends, flight delays, et cetera. we'll see. >> we'll
. >> they are known for having lax money laundering laws. >> no comparison in the you r eurozone. >> excellent. >> switzerland was in this situation. >> going back to the initial point, greece was a very small country as well. 2% of the gdp of the eurozone and created a big problem which started that and spent the rest of the region. >> the size of the country is not as relevant. >> i'm not saying i not rel vants. that would maybe be the new black swan....
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Mar 25, 2013
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what they face now unfortunately is the law of big numbers. they're at a point now where singles and doubles don't cut it. they've got the hit home runs. that is a very daunting task. but they're a bunch of very smart people in a well-positioned company. >> what should they do with the $140 billion that they're sitting on? >> that is -- >> what should they do with it? >> that is the most interesting question at the moment. you think of and i know we're going to talk about a number of things today. you think about what they could do to american entrepreneurs. how many start-ups they should fund, where the monies could go. obviously they could do it in a term form of a dividend but so many possibilities with where that money could go and all of the people there and what could happen with that that it's to me one of the most interesting questions about apple now is because they've been such a success of what's next. >> do you think they are afraid to get rid of the money, uncertain times? you've seen the tech landscape from all sides so you have
what they face now unfortunately is the law of big numbers. they're at a point now where singles and doubles don't cut it. they've got the hit home runs. that is a very daunting task. but they're a bunch of very smart people in a well-positioned company. >> what should they do with the $140 billion that they're sitting on? >> that is -- >> what should they do with it? >> that is the most interesting question at the moment. you think of and i know we're going to talk...
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Mar 19, 2013
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at legalzoom.com we put the law on your side. >>> all right. today another optimistic economic sign. this time coming from the housing sector, please check this out. we're going to begin with housing starts. we're running strong up to better than 900,000 per month. now, by the way, the peak many years ago was 2 million. so don't talk to me about bubbles. this is just about recovery. but i do want to just show you that this thing continues to roll up. it's up 28% year on year. now let's go to the second one. housing permits, same story. i'm sorry. should have cleared that. same story. but now i'll just redraw the line anyway. there you go. it's still running up. that's about -- let's see, 34% a year. here's something to think about. housing starts are leading indicator of the whole economy. and so that contribution may kick in this year, give us better than expected growth. housing permits are leading indicator of housing starts. so leading indicator of a leading indicator, which really got my attention today, and people who tell me we're having
at legalzoom.com we put the law on your side. >>> all right. today another optimistic economic sign. this time coming from the housing sector, please check this out. we're going to begin with housing starts. we're running strong up to better than 900,000 per month. now, by the way, the peak many years ago was 2 million. so don't talk to me about bubbles. this is just about recovery. but i do want to just show you that this thing continues to roll up. it's up 28% year on year. now let's...
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Mar 25, 2013
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at legalzoom.com we put the law on your side. ♪ [ male announcer ] this is a reason to look twice. the stunning lexus es. get great values on your favorite lexus models during the command performance sales event. this is the pursuit of perfection. >>> julia, this sounds logical for him. why not? it's a key issue in the silicon value. >> he has a lot of money to spend and he wants to make a difference. what he really cares about is immigration reform. all of these are things designed to boost the internet sector. >> some of the reports i read suggest that there are other heavies like john door who may be contributing this as well. >> so far he has already come out on education, immigration and on science. >> and it's really smart. >> one of the reports had a long time gop guy getting involved. >> watch out for the google glasses. the legislator says it's like wearing a computer. it's dangerous and similar to texting and driving chblt. >> i haven't signed up. you remember that science project thing? get away from him to do this. you know, the geeks are very excited. i'm hesitant abou
at legalzoom.com we put the law on your side. ♪ [ male announcer ] this is a reason to look twice. the stunning lexus es. get great values on your favorite lexus models during the command performance sales event. this is the pursuit of perfection. >>> julia, this sounds logical for him. why not? it's a key issue in the silicon value. >> he has a lot of money to spend and he wants to make a difference. what he really cares about is immigration reform. all of these are things...
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Mar 18, 2013
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at legalzoom.com we put the law on your side. ...amelia... neil and buzz: for teaching us that you can't create the future... by clinging to the past. and with that: you're history. instead of looking behind... delta is looking beyond. 80 thousand of us investing billions... in everything from the best experiences below... to the finest comforts above. we're not simply saluting history... we're making it. the street." today's rendition of the santelli exchange, it has to be about cyprus. there are so many things here to discuss. how i do really believe that what's going on in cyprus has a direct tie to the u.s.? no. however, many of my sources have such great opinions on the issues here. do i agree with all of them? no. but i'm going to play a couple and they're so representative of the dozens i've received. i'll read them and then we'll talk about them. let's put them on the screen. source number one. the value of any asset should be questioned when the rule makers bend the rules to benefit from their agenda. there is no difference between g
at legalzoom.com we put the law on your side. ...amelia... neil and buzz: for teaching us that you can't create the future... by clinging to the past. and with that: you're history. instead of looking behind... delta is looking beyond. 80 thousand of us investing billions... in everything from the best experiences below... to the finest comforts above. we're not simply saluting history... we're making it. the street." today's rendition of the santelli exchange, it has to be about cyprus....
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Mar 22, 2013
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that helps to fund president obama's 2012 health care law. the senate voted on the tax but the resolution is not binding and it will not change the levy. so they get to say we voted to repeal it even though it doesn't actually repeal it. >> you said dumping duties? >> i said anti-dumping duties, actually. >> dumping duties. let's check on duties. >> d-u-t-i-e-s. >> okay. let's check on markets. i saw them early, even though -- >> duties? >> duties. kyle, you're still doing that, right? >> duties? yes. he doesn't call it that. >> oh, yeah, lots of them. you want a healthy -- you know? it's a growing boy. he's a big, strapping kid. >> he's got it. >> futures indicated higher even though europe is lower, up 13 points or so. not a great day yesterday. we lost about 90 on points. there's what's happening in crude this morning, up 21 cents a share -- or 21 cents a barrel. treasuries, 1 is.9%. i would have been watching grass dry for the last year or two and there's the dollar. 12.29 on europe. and then, you know, you would figure gold might be a li
that helps to fund president obama's 2012 health care law. the senate voted on the tax but the resolution is not binding and it will not change the levy. so they get to say we voted to repeal it even though it doesn't actually repeal it. >> you said dumping duties? >> i said anti-dumping duties, actually. >> dumping duties. let's check on duties. >> d-u-t-i-e-s. >> okay. let's check on markets. i saw them early, even though -- >> duties? >> duties....
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oh, these are very smart people involved in this, and glen hutchins, a buddy of mine from law school is by no means a guy that fell off the turnip truck. he is the most shrewd evaluator of tech companies and then, listen, this is worth a lot more. maybe icahn doesn't like michael dell and that school yard crying game. >> strawberry on a sunday? >> i tell you that. from's there's so much money. the fact is we don't want to talk about the $100 billion vodafone deal. what the heck is happening that a year ago all we cared about was whether -- whether italy was going to go over 7%. now we're thinking this dell deal and three buyers, maybe they paid 15 because they're getting a very solid pc company. personal computer? what do i use? i have hewlett-packard to get in the mix. i'm on a dell. maybe that's the thing. we're keeping them a float. >> i know there is a rival station that has another name in front of it. i wonder if you peel it off if it's dell and it's a sub move by dell. >> i never watched that station. >> you get caught. >> let's say you're a dell shareholder still. you sell no
oh, these are very smart people involved in this, and glen hutchins, a buddy of mine from law school is by no means a guy that fell off the turnip truck. he is the most shrewd evaluator of tech companies and then, listen, this is worth a lot more. maybe icahn doesn't like michael dell and that school yard crying game. >> strawberry on a sunday? >> i tell you that. from's there's so much money. the fact is we don't want to talk about the $100 billion vodafone deal. what the heck is...
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Mar 19, 2013
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instituting legislation as written is the law of the land for now. >> meaning that you're going to be seeing these huge increases. what do you hear back from some of the big employees when you tell them 32% more than you did last year. >> it's not the large employers, becky. it's the individual market and small group market. this fee of $64 a year goes to every employer. not just large employers. >> what do you hear back when you tell them this? >> a lot of them are surprised. that was part of the legislation that was passed in 2010. >> but do they think you're the bad guys? >> no. we explain where it comes from? >> mark, i would love to ask you about what you have described as your mission to make a all the mindful business benefits that you have brought to the 34,000 aetna employees to make them part of the benefits that they get. would love to hear how that mission is going and what you think some of the next steps will be. >> arianna, that's a great question. >> when employees are stressed their health care costs are $2,000 higher. it has an impact on their health. it has a microb
instituting legislation as written is the law of the land for now. >> meaning that you're going to be seeing these huge increases. what do you hear back from some of the big employees when you tell them 32% more than you did last year. >> it's not the large employers, becky. it's the individual market and small group market. this fee of $64 a year goes to every employer. not just large employers. >> what do you hear back when you tell them this? >> a lot of them are...
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Mar 25, 2013
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if you have a bankruptcy in the united states or britain, there's due process of law. you go to the bankruptcy court. the bankruptcy court decides who gets what assets. here we have the government in berlin and brussels mandating that another country that bank tkbgts these. this is very first from a normal when you see how much money is in bank and make your own decisions. >> it's not going to be 5.8. it will be a normalization of laiki bank and the bank of cyprus. if you have watched the press conference at 2:00 in the morning, whenever it was in cypress they are not going to seize the assets. >> you will get shares of the new company. >> there was at of push back from the corn banks. i know swerer land and other countries have a huge cry. but there there's no due process that take place. it is pwhapb dated by the government. you have some money. they're going to take it. >> mark, are we going to see a flight from other banks in other countries? we talked about this a little earlier? are people going to say every deposit i have that's over that insured mark i have to
if you have a bankruptcy in the united states or britain, there's due process of law. you go to the bankruptcy court. the bankruptcy court decides who gets what assets. here we have the government in berlin and brussels mandating that another country that bank tkbgts these. this is very first from a normal when you see how much money is in bank and make your own decisions. >> it's not going to be 5.8. it will be a normalization of laiki bank and the bank of cyprus. if you have watched the...
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Mar 19, 2013
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>> in celebration of the pretend law enforcement, they released a cover of etta james' "at last." this isn't the first revamped song. in the past, they released "keep on loving you" in honor of the developers. >>> that brings us to this morning's squawk on the street. blackberry released "at last." what should apple release in the one-year anniversary. bill tweets, they should cover the rolling stones song, "emotional rescue" for the one-year anniversary. doug tweet, mo money, mo problems by notorious b.i.g. >> by the way, he didn't know what that was prior to this tweet. >> no problems. jimmy tweet, apple should have aretha franklin's r-e-s-p-e-c-t, enough said. and bill tweets "feels like the first time" by foreigner. >> interesting. >> in the heard that for a while. >>> let's check on where we stand in the markets, because it does look like we're taking a leg lower here. we've got the nasdaq and the s&p 500 down by .4%. the dow as we mentioned before just turning negative. let's check on shares of lululemon. this is probably simon's favorite story. >> lululemon. >> and the tran
>> in celebration of the pretend law enforcement, they released a cover of etta james' "at last." this isn't the first revamped song. in the past, they released "keep on loving you" in honor of the developers. >>> that brings us to this morning's squawk on the street. blackberry released "at last." what should apple release in the one-year anniversary. bill tweets, they should cover the rolling stones song, "emotional rescue" for the...
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Mar 22, 2013
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at legalzoom.com we put the law on your side. >>> i'm sharon epperson at the nymex. final trades coming in right now in the gold market. gold prices down on the session. right around 1,660 an ounce. a pretty decent week for gold. keep in mind we did come near that 1,620 level. the failure to break above that technical level, according to jeff nichols over at american precious metals advisers is significant and the question is for the next week will we see more long positions in the gold market with the gold trading in the 1,600 to 1,610 range? we did see gold post its third weekly gain and that's perhaps more information of an upward momentum in the gold market and the big jump we saw monday on gold is with cyprus and that's the key for the week ahead. all that have hinges on whether or not we'll see some resolution there, but we have seen gold for now come out of the doldrums. simon, back to you. >> sharon, thank you. speaking of things coming out of doldrums, the dow just keeps rallying, up 95 point just a few moments ago despite the fact that we've had bad news th
at legalzoom.com we put the law on your side. >>> i'm sharon epperson at the nymex. final trades coming in right now in the gold market. gold prices down on the session. right around 1,660 an ounce. a pretty decent week for gold. keep in mind we did come near that 1,620 level. the failure to break above that technical level, according to jeff nichols over at american precious metals advisers is significant and the question is for the next week will we see more long positions in the...
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Mar 21, 2013
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they'd love to have the federal government pass a law that gave them money and they'd go, oh, look, i don't have any fingerprints on this tax increase. if they wanted to steal this money themselves from their own citizens, they could do that yesterday. this is all a big goldberg contraption to get money out of other people's pockets, businesses, that can't vote against you and you say i didn't do this, it just happened. but they claim it's a $23 billion tax increase on the american people. we ought not to be taxing internet sales. we we all the to say if you do business in a state, you should be taxed. if you don't live there, you shouldn't be taxed. >> you're primarily large companies? >> 80% smaller companies, 2,000 technology companies. >> then you need to go back because small business hates this. small business is now going to have to pay taxes when they go overs transom from state to state. they're going to have to set up whole departments which they cannot afford in order to do the record keeping. >> that's not true. >> redstate.com, eric eriksson has done some great research o
they'd love to have the federal government pass a law that gave them money and they'd go, oh, look, i don't have any fingerprints on this tax increase. if they wanted to steal this money themselves from their own citizens, they could do that yesterday. this is all a big goldberg contraption to get money out of other people's pockets, businesses, that can't vote against you and you say i didn't do this, it just happened. but they claim it's a $23 billion tax increase on the american people. we...
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Mar 18, 2013
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i guess the good thing is they're sort of going back to the rule of law. but it's $400 million. >> honoring the insurance. the deposit insurance. >> the absurdity of the fact that they've come out now and said that the deposits less than 100,000 euros won't be hurt is crazy. it tells you this was a decision that was either made in a vacuum or was an emotional decision to go after russia and we're going to talk about that. this is the kind of situation, unique situation that we have tons of unique situations in europe, and this to me is what scares me. >> that's a good point in terms of the unique situation. >> every situation's unique. >> it's followed by another one. >> that's the brinkmanship, that the next one has to be worse for you to get anything done. >> sxopz drops. big movers of the day. we kick it off with a pop for constellation brands up 3%, tim. >> this is kind of a unique industry where the industry is consolidating is the u.s. department of justice has been very concerned. constellation keeps going up higher and higher as the news comes they
i guess the good thing is they're sort of going back to the rule of law. but it's $400 million. >> honoring the insurance. the deposit insurance. >> the absurdity of the fact that they've come out now and said that the deposits less than 100,000 euros won't be hurt is crazy. it tells you this was a decision that was either made in a vacuum or was an emotional decision to go after russia and we're going to talk about that. this is the kind of situation, unique situation that we have...
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Mar 21, 2013
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remember, thss -- one of the things we've learned about this market, it is not a court of law where we like have a prosecutor and defense attorney and they duke it out and then we put. stock in prison. there's like -- we have furloughs -- >> i'm the judge. i can do that. >> i've been calling you the prosecutor lately. but look, there's no grand jury here. thernono grand jury. there are no indictments. there are no convictions. and that's the way this market works. >> i may have a bench trial on this later where i just -- >> i'm going to get a permanent injunction against the sellers. people want to have justice. but fedex should be at $70 if there's justice. caterpillar should be at $70 if there's justice. no, it's not like that. like the bears, cyprus, they have atm problems. jpmorgan should be at $40 because there's justice. there is no justice! >> marry this with this story that's been reported that private ecwift firquity firms ag at mark hurd. does he bring the same hurd premium to a dell that he had brought to oracle or wherever else he went? >> there is such a thing as loyalty.
remember, thss -- one of the things we've learned about this market, it is not a court of law where we like have a prosecutor and defense attorney and they duke it out and then we put. stock in prison. there's like -- we have furloughs -- >> i'm the judge. i can do that. >> i've been calling you the prosecutor lately. but look, there's no grand jury here. thernono grand jury. there are no indictments. there are no convictions. and that's the way this market works. >> i may...
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that's then repeated by an eu lawmaker as a possibility for parliamentary law. we have seen banks declining in europe. i don't think for the market it's a great surprise because we assume this is where they now are. everybody is like, oh, no. we get it. the cat is out of the bag. they're not big market moves, but it's very important. it undermines the change in europe, and a lot of analysts are very worried. it was a lot of noise overnight saying how stupid are these europeans, because as soon as you think somebody will go for restructuring, you get another look at the country. it's crazy. >> it seems like a strange way to foster confidence in your banks among large depositors. it is a model, right? regardless of the walkback was like. >> you have two ecb members clearly worried about financial instability. the politicians are clearly not joining them. crazy. crazy. >> that much more "squawk on the street" is straight ahead. ♪ ♪ [ male announcer ] help brazil reduce its overall reliance on foreign imports with the launch of the country's largest petrochemica
that's then repeated by an eu lawmaker as a possibility for parliamentary law. we have seen banks declining in europe. i don't think for the market it's a great surprise because we assume this is where they now are. everybody is like, oh, no. we get it. the cat is out of the bag. they're not big market moves, but it's very important. it undermines the change in europe, and a lot of analysts are very worried. it was a lot of noise overnight saying how stupid are these europeans, because as soon...
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Mar 22, 2013
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on the books requiring online retailers to collect state sales tax, but those laws are often ignored and you have a bill that has some bipartisan support that would require all states to collect those taxes. if split, the big box brick and mortar retailers from online sellers and it's also split some of the online community. amazon is supporting this, but ebay is against it. they're looking for a carveout for their business model. so what we're going to see is does this effort to collect these taxes have more than 60 votes? if it does, that's going give momentum to this cause later on in the congress, maybe give a push to the effort in the house although it's going to run into the difficult anti-tax sentiment in the house among republicans. so not by a long shot is this thing close to passage, but at least we'll find out whether it has a chance of passage later on in this congress, simon. >> we'll come back to you later in the program, thank you, john. john harwood live from washington. our local partners in italy are reporting now that because this may develop over the weekend that
on the books requiring online retailers to collect state sales tax, but those laws are often ignored and you have a bill that has some bipartisan support that would require all states to collect those taxes. if split, the big box brick and mortar retailers from online sellers and it's also split some of the online community. amazon is supporting this, but ebay is against it. they're looking for a carveout for their business model. so what we're going to see is does this effort to collect these...
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. >> would you say that the labor, the rigid labor laws in europe, france, wherever, does it make you do different things in terms of hiring than in other countries around the world? >> well, you know, it is a different perspective, right? france is a specific, you know, case. >> talk about that. >> yeah, it mean, what needs to be done in france is, you know, to make sure that the labor laws but also the cost of labor is more attractive for companies to invest. but on the other hand, you know, in france and in europe, the level of education for people is very high. so we have a very, very strong, you know, population to work. we have very strong infrastructure. so it's also a big place to invest. >> are you a supporter of holland and some of the things he's done? >> well, you know, they've done a few things. i would love to have more to be done, to be done because i think, again, france needs to be more attractive. >> are you rooming with -- >> i thought he was in russia now. >> even though he's an honorary citizen. >> we have a lot of business in europe, in russia, actually, and we a
. >> would you say that the labor, the rigid labor laws in europe, france, wherever, does it make you do different things in terms of hiring than in other countries around the world? >> well, you know, it is a different perspective, right? france is a specific, you know, case. >> talk about that. >> yeah, it mean, what needs to be done in france is, you know, to make sure that the labor laws but also the cost of labor is more attractive for companies to invest. but on...
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, we were saying it's a deal, it gives us a template and we were following now some sort of rule of law. >> it was a very unimpressive performance by the european policymakers, but in the end, the parliament of cyprus saved them from a stupid solution. initially, they were going to default on their depositor insurance for regular people with under $100,000 euro. which would have been an incredible mistake. >> but is what they actually did -- >> and it's the sectors of parliament that protected the policymakeres from a very, very stupid plan. >> is it a plan or a template? >> the finance ministers are instructed, when they take their oath of office, that it is their job to lie when necessary. the problem is, the finance minister of netherlands broke that code and said the truth, which is we may be doing this in the future. but because the ecb has flooded the system with enough liquidity, we are much less vulnerable to contagion today than we were a year ago. i don't think this is going to set off a big contagion in europe, but it's still a pretty unimpressive performance by these europea
, we were saying it's a deal, it gives us a template and we were following now some sort of rule of law. >> it was a very unimpressive performance by the european policymakers, but in the end, the parliament of cyprus saved them from a stupid solution. initially, they were going to default on their depositor insurance for regular people with under $100,000 euro. which would have been an incredible mistake. >> but is what they actually did -- >> and it's the sectors of...
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frank blake, a doctorate in law. frank blake is generous. there will never be another frank blake. >> i didn't like it either. i didn't believe it. all of the other parts of the argument i may be able to buy, but that comparison is a hard one, i think. >> although, who knew exactly what frank blake was going do when he took the gig at home depot, right? >> that's true. >> if you compare it to -- it's an early frank blake reference. it's not saying that this guy is frank blake right now. >> he's geek squad and they'll integrate it correctly. this is not angelina jolie we're talking about. another jolie. you're probably thinking frank blake and jolie. >> if it was angelina jolie i'd say frank blake is in trouble, right? >> i would say angelina is in trouble. >> on sunday, i thought miley cyrus was in trouble. cyprus! >> all right. we are watching best buy shares trade higher in the pre-market. meantime, the bulls are looking to regain their mojo. cramer will show you how to get along for the ride. once again, we're looking to snap the three-da
frank blake, a doctorate in law. frank blake is generous. there will never be another frank blake. >> i didn't like it either. i didn't believe it. all of the other parts of the argument i may be able to buy, but that comparison is a hard one, i think. >> although, who knew exactly what frank blake was going do when he took the gig at home depot, right? >> that's true. >> if you compare it to -- it's an early frank blake reference. it's not saying that this guy is frank...